With roughly a million prospects throughout Brazil and a brand new spherical of financing, the cell phone insurance coverage supplier Pitzi now finds itself with a $100 million valuation.
PItzi acts as a reseller for insurance coverage firms to supply merchandise round cell phone insurance coverage throughout Brazil. Based in 2012, the corporate’s cellular handset insurance coverage choices had been a service that was in the appropriate place on the proper time, as low-cost handsets brought about the market in Latin America’s most populous nation to blow up.
Pitzi beforehand raised $20 million from traders, together with Thrive, Kaszek Ventures, Flybridge and DCM. Even with the corporate’s success, cellphone insurance coverage in Brazil stands at four%, in contrast with world requirements of greater than 40%. This even if there are greater than 200 million telephones in Brazil alone.
“In the present day, solely four% of smartphones listed here are protected however we’re driving that in the direction of 90% within the coming years and utilizing these telephones to unlock much more transformation within the area,” mentioned Daniel Hatkoff, founder and CEO of Pitzi, in a press release.
The funding by QED Traders places Pitzi in some fairly good firm in the case of Latin American monetary know-how startups. Different Latin American investments within the agency’s portfolio embrace the multibillion-dollar bank card startup, Nubank; the private finance lender, Creditas; the enterprise lender, Konfio; and the rental financing firm Quinto Andar.
Because of the funding, Invoice Cilluffo, a former president of Capital One Worldwide and a basic associate with QED, will sit on the corporate’s board of administrators, in line with a press release.
For Hatkoff, the cellphone is a window into different services within the insurance coverage trade due to the methods the gadget has remodeled so many experiences for the rising Brazilian center class.
“The smartphone will likely be profoundly transformational in Brazil, permitting the rising center class to lastly emerge and do issues it by no means imagined potential,” mentioned Hatkoff. “As market leaders, we at Pitzi are obsessive about unlocking the Brazilian client’s capability to make use of their telephones in ever extra highly effective methods. Cellular phone safety is just the start.”